Builder Sino-Ocean Group Given Wind-Up Petition in Hong Kong

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Once considered one of the stronger names among China’s debt-laden developers, Sino-Ocean became a defaulter in September when it suspended payment on all offshore borrowings

(Bloomberg) — Chinese developer Sino-Ocean Group Holding Ltd. has received a winding-up petition in a Hong Kong court, according to the city’s judiciary website.

The case was filed by The Bank of New York Mellon, London Branch, and the next hearing is set for Sept. 11, according to the website.

Sino-Ocean is among a select group of defaulters with Chinese state-owned companies as major shareholders, which has provided a level of confidence to investors in the past. China Life Insurance Co. Ltd. owns 29.59% of the builder, according to its latest annual report.